According to the CDC: https://www.cdc.gov/nchs/pressroom/states/southcarolina/southcarolina.htm
- The number one cause of death in SC is Heart Disease, causing over 10,000 deaths per year.
- The second leading cause is Cancer, and it’s almost tied for number one.
- Respiratory diseases
- Kidney Disease
In the US, the average Life Expectancy is 79.1 years, but in SC it is 77. https://www.greenvilleonline.com/story/news/2018/01/22/people-sc-south-die-earlier-than-other-states/1045538001/
There are 5 rating organizations that rate the financial strength of insurance companies. They are Standard and Poor’s, Fitch, Weiss, AM Best, and Moodys.
Each org has a different code or system so be careful when you’re interpreting the results. An “A” from one company is not necessarily an “A” from another. For example, with Standard and Poor’s, an “A” is their third best rating. Their best is a “AAA”.
You should compare 2 or 3 independent ratings before making a definitive judgment on how much you trust a particular insurance company’s financial strength.
If you’d like to read more on any one of the above rating organizations, links to their websites are provided below:
- S&P – https://www.spglobal.com/ratings/en/about/understanding-ratings
- Fitch https://www.fitchratings.com/site/insurance
- Weiss https://weissratings.com/insurance
- AM Best http://www.ambest.com/home/default.aspx
- Moodys https://www.moodys.com/
State resources for insurance consumers:
State Guarantee Association: https://www.sclifega.org/
The state life and health guaranty association, a special creation of state law, is required to protect policyholders of an insolvent insurance company. The guaranty association cooperates with the commissioner and the deputy receiver in determining whether the company can be rehabilitated or whether policies should be transferred to other insurance companies and the failed company liquidated.
Life insurance and health insurance guaranty associations fulfill their statutory obligations by providing continued protection for policyholders. When policyholders in more than one state are affected, a task force of guaranty association representatives and accounting, actuarial and legal experts work with the insurance commissioner to develop a plan to protect policyholders.
SC Dept of insurance: https://www.doi.sc.gov/
The Department of Insurance is an agency of the Governor’s Cabinet and is managed and operated by the Director who is appointed by, and serves at the will of, the Governor upon the advice and consent of the SC Senate.
Free look period:
The “free look” period. Any South Carolina resident buying a life insurance policy has 10 days to back out of coverage and receive a full refund of any premiums he has paid. If you obtain your policy through the mail, this “free look” period expands to a full 30 days. Some insurers may offer even longer trial periods, at their option.
The grace period is a length of time after a missed due premium payment, where the contract is not allowed to lapse. During this time if an insured dies and a valid claim is filed, the insurance company must make a full payment to the beneficiaries. In South Carolina, the Grace period is one month.